Mumbai: ESPLL’s Revenue for Q1 FY 2011 registered a growth of 18% at Rs 795 crore compared to Rs 676 crore during Q1 of FY 2010. The EBITDA for the same period was Rs 338 crore compared to Rs 291 crore up by 16%. The net profit at Rs 39 crore was higher by 544% compared to Rs 6 crore during the same period last year.
The Ports & Terminals business contributed Rs. 126 crore out of the consolidated EBIDTA of ESPLL Rs. 338 crore.
Key highlights for the quarter are:
- During the quarter under review, the company commissioned the state of the art 30 MTPA deep draft all weather port at Hazira. This is one of the largest all weather dry bulk ports in the country.
- EBTL-Hazira has signed a 20 year contract with Essar Steel Ltd. at Rs.200 per ton (with 3% annual escalation) with an assured cargo of 23 million tons per annum.
- The Vadinar Oil Terminal handled 7.76 million tons of cargo during the quarter
- The company deployed its semi submersible rig Essar Wildcat with Vietsovpetro in Vietnam, after successful completion of its contract with GSPCL in the KG basin.
- ESPLL became the first shipowner / operator to be OHSAS certified
The Vadinar and Hazira ports together handled 9.81 million tons of cargo during the quarter, with the Vadinar Oil Terminal handling 7.76 million tons and EBTL Hazira, which commenced operations in May 2010, handling 2.05 million tons.
Oilfield Services Business
The semi-submersible rig Essar Wildcat bagged its maiden contract out side India during the quarter . It is now deployed with Vietsovpetro in Vietnam. The contract is for a period of six months and with an option to extend the same by one year. The contract is effective from 27th May 2010. The rig had successfully completed its contract with GSPC in April 2010.. The company has also bid the rig for the upcoming three year ONGC semi-submersible contract.
Sea Transportation Business
ESPLL has become India’s first ship owner / operator to be OHSAS certified by the American Bureau of Shipping. During the quarter, ESPLL signed an MOA to acquire two 13,000 dwt dry bulk ships at a cost of USD 11.70 million each. The first ship has joined the fleet on August 3, 2010. The second ship is joining the fleet on August 6, 2010.
Commenting on the financial performance, Mr. Rajiv Agarwal, CEO & Managing Director, Essar Shipping Ports & Logistics Limited said, “We have invested substantially in each of the three verticals – Ports, Oilfields Services and Surface & Sea Logistics. Our endeavor is to attain leadership position and create value in each of these verticals upon completion of our projects as per plan.”
The above results were taken on record at the meeting of the Board of Directors of the company held on August 5, 2010.
ESPLL today announced the successful closure of the USD 280 million FCCB issue upon receiving full subscription from its holding Company, Essar Shipping & Logistics Limited. These Bonds carry a coupon of 5% with USD 150 million maturing in five years and USD 130 million maturing in 7 years. The FCCB will be listed on the Singapore Stock Exchange. The funds from this issue will be utilized for the expansion plans of ESPLL.
Sea transportation: Diversified fleet of 25 vessels including VLCCs, capesizes, Supramaxes, mini bulk carriers and tugs
• Provides crude oil and dry bulk transportation services
• More than 220 ship years of service to leading Indian and global oil majors and commodity traders
Ports & Terminals: Among India’s largest owners and operators of ports
• Hazira, Gujarat, India: A 30-million tonne all-weather deep draft port & jetty for import of iron ore, pellets, coal, limestone and export of finished steel products
• Vadinar (Gujarat, India): A 46-million tonne port and terminal facility to provide handling, storage and terminalling services for crude oil and petroleum products to refineries and traders
Logistics: Provides end-to-end logistics services – from ships to ports, lighterage services to plants, intra-plant logistics and dispatching finished products to the final customer
• Owns transhipment assets to provide lighterage support services, onshore & offshore logistics services
• Manages a fleet of 4,200 trucks for inland transportation of steel and petroleum products
Oilfields services: Provides contract drilling and related services to oil and gas companies worldwide, operating both offshore and onshore
• Owns a fleet of 13 rigs, which includes one semi submersible rig and 12 onshore rigs
PROJECT UNDER EXECUTION
Ports & Terminals:
• Vadinar, Gujarat, India: Oil terminal capacity to increase to 58 million tones
• Hazira, Gujarat, India: A 20-million tonne all-weather deep draft port & jetty for import of iron ore, pellets, coal, limestone and export of finished steel products
• Salaya, Gujarat, India: A 20-million tonne integrated terminal facility for handling coal and pet coke used in power plants
• Paradip, Orissa, India:
? 14-million tonne deep draught coal berth, as part of an agreement with the Paradip Port Trust to execute a BOT (build-operate-transfer) project, with rights to operate the berth for 30 years
? 16- million tonne mechanization terminal as a part of ten years License Agreement with Paradip Port Trust for export of iron ore and pellets.
• 2 new Jack Up rigs on order
• 12 new ships on order, including 6 Minicapes (105,000 dwt each) and 6 Supramax Dry Bulk Carriers (54,000 dwt each)
About Essar Group
The Essar Group is a multinational conglomerate and a leading player in the sectors of Steel, Oil & Gas, Power, Communications, Shipping Ports & Logistics, Projects and Minerals. With operations in more than 20 countries across five continents, the Group employs 60,000 people, with revenues of USD 15 billion. For more information, visit www.essar.com.
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